Maruti Suzuki cars will become expensive from January 2024
Due to increase in input cost, the company took the decision to increase prices for the third time in a year. Maruti Suzuki has today (27 November) announced to increase the prices of all the vehicles included in its line-up. The company has attributed the increase in prices to manufacturing costs along with inflation and regulatory recruitments.
Bhavika Nandwana
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The increased prices will come into effect from January 1, 2024. Maruti Suzuki has not confirmed the scale of the price increase, but has informed that the prices will be increased differently according to the model.
The car company said that it is planning to increase the prices of all models due to cost pressure due to inflation and regulatory requirements. Maruti said, 'The company makes maximum efforts to reduce costs and partially offset price increases. However, now it has become mandatory to make some impact through price increase.
Price increased for the third time this year
The company has announced to increase the prices of its cars for the third time this year. Earlier on April 1, the ex-showroom prices of all models were increased.
At the same time, on January 16, 2023, the ex-showroom prices of all models were increased by 1.1%. Even then the prices of vehicles were increased due to increase in input costs.
Highest ever sale in October, 1.99 lakh vehicles sold
Maruti Suzuki has recorded its highest ever sales in the month of October. Maruti sold a total of 1.99 lakh vehicles. On an annual basis, the company's total sales have increased from 1.67 lakh to 1.99 lakh units. Total sales increased by 18.9% overall.
There has been an increase of about 20.5% in the domestic sales of the company, which has reached 1.77 lakh units. The company has also increased exports. The company's total exports have increased by 7.3%, which has increased to 21,951 units on an annual basis.
The company sold 552,055 units of vehicles in this quarter.
The company has sold a total of 552,055 vehicles in the September quarter. Of these, 482,731 vehicles have been sold in the domestic market and 69,324 cars have been exported. In the same quarter last year, the company had sold a total of 517,395 units of vehicles, of which 454,200 vehicles were sold in the domestic market and 63,195 were exported.
Net profit increased by 80.3% in the second quarter
Maruti Suzuki India Limited had released the results for Q2FY24 i.e. the second quarter of the financial year 2024 today i.e. on 27 October. In the July-September quarter, the company's net profit increased by 80.3% year-on-year to ₹3716.5 crore. In the same quarter last year, the company had made a profit of Rs 2,061 crore.
The company's revenue increased by 23.8% year-on-year to ₹37,062.1 crore in this quarter, which was ₹29,930.8 crore in the same quarter last year. Net sales for the quarter grew 24.5% year-on-year to ₹35,535.10 crore from ₹28,543.50 in Q2FY23 last year, the company said in an exchange filing.
